SEC FORM 13F-HR

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F COVER PAGE

OMB APPROVAL
OMB Number: 3235-0006
Expires: July 31, 2015
Estimated average burden
hours per response: 23.8

Report for the Calendar Year or Quarter Ended: 12-31-2018
Check here if Amendment    Amendment Number:
This Amendment (Check only one.):    is a restatement.
   adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: B. Riley Financial, Inc.
Address: 21255 Burbank Blvd.
Suite 400
Woodland Hills, CA  91367
Form 13F File Number: 028-17148

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

Person Signing this Report on Behalf of Reporting Manager:
Name: Michael Markunas
Title: Chief Compliance Officer
Phone: 310-689-2220
Signature, Place, and Date of Signing:
/s/ Michael Markunas Los AngelesCA 02-07-2018
[Signature] [City, State] [Date]
Report Type (Check only one.):
X 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.)
   13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).)
   13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)
Form 13F Summary Page
Report Summary:
Number of Other Included Managers: 0
Form 13F Information Table Entry Total: 103
Form 13F Information Table Value Total: 181,248
(thousands)
List of Other Included Managers:
Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.
[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]
NONE

SEC FORM 13-F Information Table

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

OMB APPROVAL
OMB Number: 3235-0006
Expires: July 31, 2015
Estimated average burden
hours per response: 23.8

COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
A10 NETWORKS INC COM 002121101 321 51,500 SH   DFND   51,500 0 0
AEHR TEST SYSTEMS COM 00760J108 324 230,000 SH   DFND   230,000 0 0
ALIBABA GROUP HLDG LTD PUT 01609W952 8,910 65,000 SH Put DFND   65,000 0 0
ALIMERA SCIENCES INC COM 016259103 309 430,600 SH   DFND   430,600 0 0
AMERICAN RLTY CAP PPTYS INC NOTE 3.750%12/1 02917TAB0 103 105,000 PRN   DFND   105,000 0 0
AMYRIS INC COM NEW 03236M200 321 96,156 SH   DFND   96,156 0 0
ARCHROCK INC COM 03957W106 543 72,466 SH   DFND   72,466 0 0
AROTECH CORP COM NEW 042682203 403 153,717 SH   DFND   153,717 0 0
AUDIOEYE INC COM NEW 050734201 2,011 235,200 SH   DFND   235,200 0 0
BBX CAP CORP NEW CL A 05491N104 573 100,000 SH   DFND   100,000 0 0
BABCOCK & WILCOX ENTERPRIS I COM 05614L100 4,259 10,908,713 SH   DFND   10,908,713 0 0
BEIGENE LTD PUT 07725L952 351 2,500 SH Put DFND   2,500 0 0
BRUNSWICK CORP COM 117043109 232 5,000 SH   DFND   5,000 0 0
BUILD A BEAR WORKSHOP COM 120076104 1,185 300,000 SH   DFND   300,000 0 0
CNO FINL GROUP INC COM 12621E103 701 47,129 SH   DFND   47,129 0 0
CDN IMPERIAL BK COMM TORONTO PUT 136069951 745 10,000 SH Put DFND   10,000 0 0
CANADIAN SOLAR INC NOTE 4.250% 2/1 136635AE9 59 60,000 PRN   DFND   60,000 0 0
CARTERS INC COM 146229109 298 3,650 SH   DFND   3,650 0 0
CENTURY CMNTYS INC COM 156504300 440 25,503 SH   DFND   25,503 0 0
CHILDRENS PL INC COM 168905107 262 2,903 SH   DFND   2,903 0 0
CLIPPER RLTY INC COM 18885T306 463 35,406 SH   DFND   35,406 0 0
COHU INC COM 192576106 344 21,378 SH   DFND   21,378 0 0
COLONY CAP INC NOTE 5.000% 4/1 19624RAA4 44 50,000 PRN   DFND   50,000 0 0
CORCEPT THERAPEUTICS INC PUT 218352952 334 25,000 SH Put DFND   25,000 0 0
EAGLE BANCORP MONT INC COM 26942G100 216 13,090 SH   DFND   13,090 0 0
ECO STIM ENERGY SOLUTIONS IN COM 27888D101 71 1,093,129 SH   DFND   1,093,129 0 0
ENANTA PHARMACEUTICALS INC PUT 29251M956 1,062 15,000 SH Put DFND   15,000 0 0
FS KKR CAPITAL CORP COM 302635107 130 25,000 SH   DFND   25,000 0 0
FLOTEK INDS INC DEL COM 343389102 82 75,000 SH   DFND   75,000 0 0
FRANCESCAS HLDGS CORP COM 351793104 19 20,000 SH   DFND   20,000 0 0
GW PHARMACEUTICALS PLC ADS 36197T103 243 2,500 SH   DFND   2,500 0 0
GW PHARMACEUTICALS PLC PUT 36197T953 4,139 42,500 SH Put DFND   42,500 0 0
GENERAL ELECTRIC CO PUT 369604953 3,028 400,000 SH Put DFND   400,000 0 0
GENTHERM INC COM 37253A103 359 8,991 SH   DFND   8,991 0 0
GOPRO INC NOTE 3.500% 4/1 38268TAB9 205 250,000 PRN   DFND   250,000 0 0
GRANITE CONSTR INC COM 387328107 284 7,044 SH   DFND   7,044 0 0
GREAT ELM CAP CORP COM 390320109 261 33,200 SH   DFND   33,200 0 0
HC2 HLDGS INC COM 404139107 11,687 4,426,797 SH   DFND   4,426,797 0 0
HF FOODS GROUP INC COM 40417F109 146 11,000 SH   DFND   11,000 0 0
HANNON ARMSTRONG SUST INFR C COM 41068X100 651 34,195 SH   DFND   34,195 0 0
HANNON ARMSTRONG SUST INFR C NOTE 4.125% 9/0 41068XAB6 75 83,000 PRN   DFND   83,000 0 0
HEALTH INS INNOVATIONS INC COM CL A 42225K106 5,122 191,620 SH   DFND   191,620 0 0
HERCULES CAPITAL INC DBCV 4.375% 2/0 427096AF9 76 80,000 PRN   DFND   80,000 0 0
HORIZON GLOBAL CORP NOTE 2.750% 7/0 44052WAA2 8 15,000 PRN   DFND   15,000 0 0
I D SYSTEMS INC COM 449489103 3,004 537,345 SH   DFND   537,345 0 0
IMMERSION CORP COM 452521107 170 19,000 SH   DFND   19,000 0 0
INDUSTRIAL LOGISTICS PPTYS T COM SHS BEN INT 456237106 398 20,234 SH   DFND   20,234 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 1,339 10,000 SH   DFND   10,000 0 0
ISHARES TR PUT 464287955 9,373 70,000 SH Put DFND   70,000 0 0
ITERIS INC COM 46564T107 339 90,784 SH   DFND   90,784 0 0
KEMET CORP COM NEW 488360207 263 15,000 SH   DFND   15,000 0 0
KINDRED BIOSCIENCES INC COM 494577109 274 25,000 SH   DFND   25,000 0 0
KOPPERS HOLDINGS INC COM 50060P106 276 16,225 SH   DFND   16,225 0 0
LEGACY HOUSING CORP COM 52472M101 8,767 734,857 SH   DFND   734,857 0 0
LIMELIGHT NETWORKS INC COM 53261M104 240 102,535 SH   DFND   102,535 0 0
LONESTAR RES US INC CL A VTG 54240F103 8,870 2,430,251 SH   DFND   2,430,251 0 0
LUMENTUM HLDGS INC COM 55024U109 350 8,325 SH   DFND   8,325 0 0
MATTHEWS INTL CORP CL A 577128101 395 9,735 SH   DFND   9,735 0 0
MAXWELL TECHNOLOGIES INC COM 577767106 207 100,000 SH   DFND   100,000 0 0
MEDALLION FINL CORP COM 583928106 972 207,350 SH   DFND   207,350 0 0
MICRON TECHNOLOGY INC NOTE 3.000%11/1 595112AY9 40 36,500 PRN   DFND   36,500 0 0
NXP SEMICONDUCTORS N V NOTE 1.000%12/0 62952QAB6 85 85,000 PRN   DFND   85,000 0 0
NATIONAL HOLDINGS CORP COM NEW 636375206 8,127 3,010,054 SH   DFND   3,010,054 0 0
NOVAVAX INC COM 670002104 796 432,344 SH   DFND   432,344 0 0
180 DEGREE CAP CORP COM 68235B109 278 158,894 SH   DFND   158,894 0 0
OSIRIS THERAPEUTICS INC NEW COM 68827R108 338 25,000 SH   DFND   25,000 0 0
PREFERRED BK LOS ANGELES CA COM NEW 740367404 373 8,597 SH   DFND   8,597 0 0
PRIMO WTR CORP COM 74165N105 386 27,576 SH   DFND   27,576 0 0
QUANTUM CORP COM NEW 747906501 8,253 4,126,667 SH   DFND   4,126,667 0 0
RANGER ENERGY SVCS INC COM CL A 75282U104 4,584 886,726 SH   DFND   886,726 0 0
RUBICON PROJ INC COM 78112V102 6,523 1,748,760 SH   DFND   1,748,760 0 0
S&W SEED CO COM 785135104 281 155,024 SH   DFND   155,024 0 0
SACHEM CAP CORP COM 78590A109 1,548 395,987 SH   DFND   395,987 0 0
SANOFI RIGHT 12/31/2020 80105N113 101 211,405 SH   DFND   211,405 0 0
SEACHANGE INTL INC COM 811699107 107 85,000 SH   DFND   85,000 0 0
SEACOAST BKG CORP FLA COM NEW 811707801 384 14,741 SH   DFND   14,741 0 0
SEATTLE GENETICS INC PUT 812578952 425 7,500 SH Put DFND   7,500 0 0
SELECT INTERIOR CONCEPTS INC CL A 816120307 23,024 3,061,687 SH   DFND   3,061,687 0 0
SELECT ENERGY SVCS INC CL A COM 81617J301 447 70,717 SH   DFND   70,717 0 0
SOUTHWESTERN ENERGY CO COM 845467109 286 83,766 SH   DFND   83,766 0 0
SPECTRUM PHARMACEUTICALS INC COM 84763A108 222 25,360 SH   DFND   25,360 0 0
SPIRIT RLTY CAP INC NEW NOTE 2.875% 5/1 84860WAA0 69 69,000 PRN   DFND   69,000 0 0
STARWOOD PPTY TR INC NOTE 4.375% 4/0 85571BAH8 85 86,000 PRN   DFND   86,000 0 0
SYNCHRONOSS TECHNOLOGIES INC COM 87157B103 154 25,000 SH   DFND   25,000 0 0
TELENAV INC COM 879455103 376 92,500 SH   DFND   92,500 0 0
TEMPUR SEALY INTL INC COM 88023U101 3,963 95,736 SH   DFND   95,736 0 0
TEMPUR SEALY INTL INC CALL 88023U901 828 20,000 SH Call DFND   20,000 0 0
TESLA INC PUT 88160R951 13,312 40,000 SH Put DFND   40,000 0 0
THESTREET INC COM 88368Q103 7,745 3,815,261 SH   DFND   3,815,261 0 0
TIVO CORP COM 88870P106 783 83,179 SH   DFND   83,179 0 0
TRAVELCENTERS AMER LLC COM 894174101 1,067 283,846 SH   DFND   283,846 0 0
TRUECAR INC COM 89785L107 766 84,545 SH   DFND   84,545 0 0
UMH PPTYS INC COM 903002103 355 30,004 SH   DFND   30,004 0 0
US XPRESS ENTERPRISES INC COM CL A 90338N202 1,626 289,909 SH   DFND   289,909 0 0
U.S. AUTO PARTS NETWORK INC COM 90343C100 168 185,067 SH   DFND   185,067 0 0
VANECK VECTORS ETF TR PUT 92189F956 2,618 30,000 SH Put DFND   30,000 0 0
VERASTEM INC COM 92337C104 583 173,441 SH   DFND   173,441 0 0
VERSO CORP CL A 92531L207 332 14,838 SH   DFND   14,838 0 0
VIASAT INC COM 92552V100 364 6,177 SH   DFND   6,177 0 0
VITAMIN SHOPPE INC NOTE 2.250%12/0 92849EAB7 180 191,000 PRN   DFND   191,000 0 0
MALLINCKRODT PUB LTD CO PUT G5785G957 1,975 125,000 SH Put DFND   125,000 0 0
POINTER TELOCATION LTD SHS M7946T104 395 32,398 SH   DFND   32,398 0 0
GLOBAL SHIP LEASE INC NEW SHS A Y27183105 259 417,914 SH   DFND   417,914 0 0